The Clap
The Saudi Tadawul saw 12 IPOs this year amounting to SAR 21.8 billion, almost a 100% increase YoY, whereas 2021 saw 6 IPOs worth SAR 11.3 billion.
The Deets
Marafiq will be the 13th largest IPO in the history of the Saudi Tadawul, while Arabian Drilling comes in as the 17th largest IPO.
Numbers
This year’s IPOs have raised 272.4 SAR billion through 131 subscriptions.
IPOs
The year 2021 had nine IPOs in the Tadawul market, with Solutions and ACWA Power being the most notable with proceeds of SAR 3.62 billion and SAR 4.55 billion respectively.
Tadawul Group also raised SAR 3.78 billion from its IPO, while in a secondary offering of STC, the Public Investment Fund sold 6% of the company’s shares, bringing the proceeds up to SAR 12 billion.
Why this Matters
The Saudi government is seeking to reduce its ownership of government assets, including Saudi Aramco, in order to diversify its oil-dominated economy.
